XAU/USD & XAG/USD - Gold & Silver Traders Thread | Page 311 | Metals Mine

Options

Go to
Permalinks
Print Thread

Related Instruments

Gold/USD, Silver/USD

Similar Threads

Gold futures & XAU 78 replies

GoldenEuro Cross (XAU/EUR) GoldenAussi Cross (XAU/AUD) 51 replies

Daytrade - XAU/USD & XAG/USD 14 replies

XAU/JPY & XAG/JPY 13 replies

Successful XAU/USD traders 7 replies

Attachments: XAU/USD & XAG/USD - Gold & Silver Traders Thread
Exit Attachments

XAU/USD & XAG/USD - Gold & Silver Traders Thread

  • #6,201
  • May 11, 2011 5:10am May 11, 2011 5:10am
Quoting mmudasir
Trade Balance us news forcast will effect gold..if effect on gold then what the forcast tell i am waek in fundays and if the forecast will be actual then what the gold bearish or bullish?
AFAIK such kind of news, when taken isolated, neither hurt nor help gold. Gold depends on more "underlying" fundamentals, like the US debt issue, Quantitative Easing, Central Banks buys or demand from the emerging markets (especially China and India). There is still no sign that such fundamentals will change in the short-term or mid-term. That means... the tendency is to see the uptrend go on and grasp for new highs.

My 2 cents.
"The reason I was born and came into the world is to testify to the truth."
  • #6,202
  • May 11, 2011 5:33am May 11, 2011 5:33am
I presume that price has been steadily moving higher in beeb's modified Schiff fork, it certainly has on my "primitive fork" and has been having higher highs and higher lows within the fork. It has moved outside the upper parallel earlier today.

It is bullish there is an upward facing fork price is following but more bullish it is moving higher within the fork.

Looking over to the left 1522 looked a support/resistance level of sorts - I guess this is XTrades 1521 on his chart. As XTrade says price has moved in $10 increments and certainly the resistance/support levels look to be in $10 increments which I presume is why he says this.

I have just gone long since 1521.

Not clear what the basis would be for accumulating shorts on this data.
  • #6,203
  • May 11, 2011 5:45am May 11, 2011 5:45am
Quoting harvest3r
AFAIK such kind of news, when taken isolated, neither hurt nor help gold. Gold depends on more "underlying" fundamentals, like the US debt issue, Quantitative Easing, Central Banks buys or demand from the emerging markets (especially China and India). There is still no sign that such fundamentals will change in the short-term or mid-term. That means... the tendency is to see the uptrend go on and grasp for new highs.

My 2 cents.
thank you for helping
Trading by EA
  • #6,204
  • May 11, 2011 5:56am May 11, 2011 5:56am
Quoting fontu
Accumulated gold shorts with minimum lots since 1508 & last taken at 1523 , expecting breakout this time.
fontu
I agree I am sitting same as you my reason is this chart from 2008 after every 3-4 months gold touch this line before moving up so i m counting on 1400 to go long.
Attached Image (click to enlarge)
Click to Enlarge Name: break.gif Size: 31 KB
MMMYYYKKK
  • #6,205
  • May 11, 2011 6:06am May 11, 2011 6:06am
Quoting myk
I agree I am sitting same as you my reason is this chart from 2008 after every 3-4 months gold touch this line before moving up so i m counting on 1400 to go long.

check the rsi levels against dips....

beeb
  • #6,206
  • May 11, 2011 6:21am May 11, 2011 6:21am
1519.30 yesterday high has been rejected now we will see it to go break high
Trading by EA
  • #6,207
  • Edited 6:57am May 11, 2011 6:45am | Edited 6:57am
my gold fork shows resistance at the upper quartile (1526). The supports could be 1509 (median line) and 1492 (lower quartile), with a Big Round Number in between...

Today I launched my EA on a small new account and it took the first $6 profit on gold. I'm the king of the world! (irony included )

Silver hit 38% Fib at $39.48 and it's bouncing... gold seems to be following it, even though it had crossed its 50% Fib. Interesting...
"The reason I was born and came into the world is to testify to the truth."
  • #6,208
  • May 11, 2011 6:51am May 11, 2011 6:51am
Quoting longshot_nl
According to EW theory we may see the retrace to previous wave 4.
if this count is correct, we may see 26.3.
I hope things clear up a bit more.
I like this chart, especially the target. Not especially because of the EW, I am not an Elliot follower although I believe there is some truth to the EW theory simply because of the self-similar properties of chart patterns, I like it because I am expecting another sudden drop of this size myself and the way it looks to me along with the obvious support level & target level there somehow resonates with the way I read the patterns myself.

And I think after bouncing there for a while it might go down even further.

I will stay bearish for a while now.
  • #6,209
  • May 11, 2011 6:51am May 11, 2011 6:51am
Quoting beeb
check the rsi levels against dips....

beeb
it is a possibility though no one can be 100% sure
Attached Image (click to enlarge)
Click to Enlarge Name: break1.gif Size: 35 KB
MMMYYYKKK
  • #6,210
  • May 11, 2011 6:57am May 11, 2011 6:57am
I think in this hour we will have a clear direction once the data is out
MMMYYYKKK
  • #6,211
  • May 11, 2011 7:31am May 11, 2011 7:31am
Quoting XTrade
Here it is...

What?

Going to change your mind now?
So you see my suggestion was NOT off regarding the other guy's short position. We almost to he'd 1509 before touching your 1530
  • #6,212
  • May 11, 2011 7:37am May 11, 2011 7:37am
Quoting XTrade
currently the price is rising.
And NOW it is down
  • #6,213
  • May 11, 2011 7:38am May 11, 2011 7:38am
Quoting redsword11
Attachment



will monitor PA for tg
Hope you booked a nice profit
  • #6,214
  • May 11, 2011 7:41am May 11, 2011 7:41am
I am not going to argue with you.

You are WRONG plain and simple.

The truth is in the posts. Go read through them while you take a break from posting.



Quoting Fmfx
So you see my suggestion was NOT off regarding the other guy's short position. We almost to he'd 1509 before touching your 1530
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #6,215
  • May 11, 2011 7:45am May 11, 2011 7:45am
Multiple warnings were given.

There is no 3rd warning.

There are rules to this thread.

They can be read here.
http://www.forexfactory.com/showthread.php?t=222032

I don't have the time or patience to be a babysitter.

We are here to discuss trading.

Thank you.
XTrade.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #6,216
  • May 11, 2011 7:45am May 11, 2011 7:45am
I would say the sudden drop was due to the upcoming trade balance account, people arn't confident enough to hang onto longs, and this drop offered another great opportunity to add another at 1510 for myself and im sure, a few others.

I'm running a tight SL, if we break below 1509 and hold it, i will be closing my trade.

Good luck to all

Mitch
  • #6,217
  • May 11, 2011 8:08am May 11, 2011 8:08am
Quoting Mitchoss
I would say the sudden drop was due to the upcoming trade balance account, people arn't confident enough to hang onto longs (...)
EITHER this

OR some guys were hedging their longs (less probable)

OR Asia rallied too fast and NY is trying to correct a bit - in this case, we could see another test of 1510

In your situation, I would watch silver. If it makes another daily low, the pressure may be too strong and the support in gold may not hold.
"The reason I was born and came into the world is to testify to the truth."
  • #6,218
  • May 11, 2011 8:23am May 11, 2011 8:23am
Quoting lilpip
although we rotated back from last weeks weekly lows at 1463 and through 1485 (monthly pivot trend guide) Im not convinced the bulls are with us as I normally would. I cant believe thats all they have for a push south. personally, if we dont have orders in at 63 - 89 area Id have to wait and see what 1509 has to say before more is added.
gold bounce off 1509 most of day then finally moved up for a daily close above.
eyes are open and at 1508-09 and looking for direction on the 5 min.as we made it back to the weekly and daily pivot or trend guide,...
a nice slow controlled steady climb on the dailys
weekly pivot 39.37 is noted.
  • #6,219
  • May 11, 2011 8:27am May 11, 2011 8:27am
There is dollar strength.

Most majors down against the USD overnight except GBP.

Aussie and Cad falling...

Yet, it may be short lived.

there is a line of support at 1507 and then the psych level of 1500.

I'll likely buy this dip. Going to check out some news and see what's on the rack
. I know AUD has employment tonight.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #6,220
  • May 11, 2011 8:35am May 11, 2011 8:35am
Quoting beeb
Sorry - you have accumulated other people's shorts ie you are long or you have accumulated your own shorts so that you're short?

beeb
short ones , done perfect at last not so for gold that good though but ok .
http://www.forexfactory.com/showpost...stcount=439754
expecting back towards 1476 with or without break immediately.
fontu
Not understand?better not follow my analyses!doubt clearer first, risks ++
23 traders viewing now